World Maritime News
WMNF 01/10/2025
Expect higher trade costs, slower growth and more volatility, says UNCTAD
The UN Conference on Trade and Development (UNCTAD) warns that the maritime shipping industry is entering a period of high volatility, rising costs, and slower growth due to geopolitical tensions, trade policy uncertainty, and fragile supply chains. Seaborne trade growth is expected to slow to just 0.5% in 2025, with a modest 2% annual growth projected through 2030. Geopolitical instability is causing longer shipping routes and higher freight costs. Port disruptions are now a chronic issue, not an occasional occurrence. The IMO Net-Zero Framework, which could reshape the industry through decarbonization, is under consideration but faces uncertainty. UNCTAD calls for stronger policy frameworks, investment, and international cooperation to manage the transition and stabilize the sector.
Read more: Lloyd’s List
Freight rate war looming as Cosco holds line on U.S. port fees
COSCO Shipping has pledged to maintain its U.S. services despite facing over $1 billion in new U.S. port fees over six months, a move that could trigger a transpacific freight rate war. The fees target Chinese-owned, operated, or built vessels, leaving COSCO and its affiliate OOIL at a disadvantage compared to non-Chinese rivals who can largely avoid the charges. COSCO and OOIL will match market rates to retain the U.S. market share. Non-Chinese carriers, such as CMA CGM and Zim, face minimal fees (approximately $35–37 million). Analysts warn of a price war amid weakening U.S. demand. BIMCO forecasts a 2% decline in North American container imports in 2025, followed by a modest recovery in 2026.
Read more: Lloyd’s List
Digitalisation and port development key in keeping Singapore competitive
Singapore’s Tuas port expansion and digitalisation efforts are key to maintaining its competitiveness as a global shipping hub, but current investments are seen as insufficient. Tuas port will reach a 27 million TEU capacity by 2027 and a 65 million TEU capacity by the 2040s, becoming fully automated. Regional competition is intensifying, with Malaysia, Vietnam, and Thailand investing heavily in port infrastructure. Industry leaders describe the Tuas investment as “courageous,” but stress the need for greater adoption of AI and digital tools. AI could boost productivity by 10–15%, especially benefiting small and medium enterprises. Cybersecurity risks are a growing concern as digitalisation increases.
Read more: Lloyd’s List